Bessent says Trump tax cuts could mean ‘substantial refunds’ for working Americans in 2026
Treasury secretary tells 'Hannity' to expect a 'boom' as administration's economic agenda kicks in
Treasury Secretary Scott Bessent: Canada's prime minister should do what's best for the people, stop pushing 'globalist agenda'
Treasury Secretary Scott Bessent unpacks President Donald Trump's tariff threat against Canada over China, his scathing indictment of Gavin Newsom in Davos and why Americans should prepare for an economic 'boom' on 'Hannity.'
Treasury Secretary Scott Bessent said Americans could see "substantial refunds" and bigger paychecks as President Donald Trump’s economic agenda begins delivering results in 2026.
Bessent’s comments come as tax filing season opens nationwide. Key provisions of the administration’s One Big Beautiful Bill Act are now being reflected for the first time in a tax filing season since Trump returned to office.
"President Trump's policies that we put in place last year are really starting to kick in now," Bessent said Monday on "Hannity."
"He's keeping his promises to working Americans," he later added.
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Treasury Secretary Scott Bessent arrives for an event on inflation with President Donald Trump in Mount Pocono, Pennsylvania, on Dec. 9, 2025. (Adam Gray/Bloomberg via / Getty Images)
House Ways and Means Committee Chairman Jason Smith, R-Mo., said this month that American taxpayers are projected to receive an additional $91 billion in tax refunds this year in what’s expected to be a record-setting $370 billion refund season.
The Trump administration has focused on policies aimed at reducing or eliminating taxes on tips and overtime.
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"We announced the tax season is now open. And we're [going to] see substantial refunds for working Americans," Bessent said. "They're [going to] change their withholding and have bigger take-home pay every two weeks, every month. So, it's really an exciting time."
President Donald Trump signs the One Big Beautiful Bill Act into law during an Independence Day military family picnic at the White House on July 4, 2025. (Samuel Corum / Getty Images)
Trump is scheduled to speak in Iowa on Tuesday, where he will highlight his economic agenda and the changes implemented during the administration’s first year back in office.
Bessent said falling gas prices, easing rents and rising wages are signs that affordability is improving for working families.
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"I think we're [going to] have a boom in 2026. And the important thing here is it's [going to] be a non-inflationary boom, and I think it could really extend for several years," said Bessent.
Some Democrats have criticized Trump’s economic policies, including raising concerns about affordability and the potential impact of tariffs on consumer prices.
Treasury Secretary Scott Bessent speaks at the World Economic Forum in Davos, Switzerland, on Jan. 20. (Harun Ozalp/Anadolu via / Getty Images)
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Trump addressed those criticisms during a December Cabinet meeting, calling the word affordability "a Democrat scam."
The White House is also expected to release more details this week on the "Trump accounts," a proposed government-funded investment program for U.S. citizens born between 2025 and 2028.
Fox News Digital's Eric Revell contributed to this report.
Kevin Hassett lays out Trump’s economic blueprint: Rate cuts, AI-fueled productivity, tariff showdown and ‘Trump accounts’
National Economic Council Director Kevin Hassett joins ‘Mornings with Maria’ for a wide-ranging interview to break down the Fed’s upcoming rate decision, the impact of the government shutdown on key data and economic momentum building into 2026.
